‘Late Show With Stephen Colbert’ Is Being Canceled by CBS

In a decision that shocked the entertainment industry and comedy world, CBS said on Thursday that it was canceling the most-watched show in late night, “The Late Show With Stephen Colbert,” and ending a franchise that has existed for more than three decades.

Mr. Colbert’s run — and “The Late Show” itself — will end in May after his contract expires.

CBS executives said in a statement that the cancellation was “purely a financial decision against a challenging backdrop in late night.”

“It is not related in any way to the show’s performance, content or other matters happening at Paramount,” said the executives, who included George Cheeks, the president of CBS and a co-chief executive of Paramount, CBS’s parent. “Our admiration, affection and respect for the talents of Stephen Colbert and his incredible team made this agonizing decision even more difficult.”

Paramount is in the midst of closing a multibillion-dollar merger with the movie studio Skydance, a deal that requires approval from the Trump administration. Paramount recently agreed to pay President Trump $16 million to settle a lawsuit over an interview on “60 Minutes,” a move Mr. Colbert criticized on his show as “a big fat bribe.” The merger still requires the approval of the Federal Communications Commission.

Mr. Colbert said during the taping of “The Late Show” on Thursday that he was informed of the decision on Wednesday night. When his studio audience unleashed a chorus of boos upon hearing the news, Mr. Colbert said, “Yeah, I share your feelings.”